Government urged to allow Asic to decide claims against itself after investors left in limbo

Former speaker says treasurer Josh Frydenberg should authorise corporate regulator to decide claims under compensation scheme for defective administration

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The former speaker Tony Smith has urged Josh Frydenberg to allow the corporate regulator to decide claims against itself, after investors had no one to resolve their bid for compensation over a failed retirement village empire.

Smith, acting in his capacity as chair of a parliamentary committee with oversight of the Australian Securities and Investments Commission (Asic), also criticised Treasury's position that the treasurer could not decide claims against Asic under a government program known as the scheme for compensation for detriment caused by defective administration (CDDA).

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